Axactor closes two NPL transactions in Italy
Oslo, 2 May 2017 - Axactor has acquired another two unsecured NPL portfolios in Italy, the portfolios are Auto finance shortfalls, including unsecured claims with a total Outstanding Balance (OB) of approximately EUR22 million, across 2,500 cases.
Both portfolio transactions are from Financial Institutions which Axactor has acquired from previously and Axactor is delighted to have been able to build on the existing relationships acquired through the purchase of C.S Union Spa in 2016.
"These acquisitions demonstrate our ability to work closely with existing clients to grow the Axactor business in Italy, complementing our activities focused on adding new clients as we move through 2016 ", says Davide Graneris, Country manager, Axactor Italy.
"These portfolios, continue to improve and grow the assets under management in our Italian business and we expect these to be the first of several transactions in 2016", says Robin Knowles, Portfolio Acquisition EVP, Axactor Group.
The investments will be 100% financed by Axactor's existing credit facilities provided by the company's Italian banking partners.
For additional information, please contact:
Endre Rangnes, CEO Axactor
Mobile phone: +47 4822 1111
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +47 4771 0451
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Spain, Italy, Germany, Norway and Sweden. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to be about 1,500 billion euros across Europe providing significant opportunities for Axactor's future expansion. After the latest acquisition of Profact AB in Sweden, Axactor has approximately 875 employees.